topic Re: Question regarding Chase Sapphire preferred in Credit Cards

Question regarding Chase Sapphire preferred

Anonymous — Thu, 12 Dec 2013 20:07:08 GMT

hi guys, i have quick questions regarding Chase Sapphire Preferred (CSP) card..

I was wondering how hard would it be to get CSP..

I was just approved for Chase Sapphire (NOT preferred) with $5000 CL but found out that SCP offers far more benefits ! ($95 fee seems to be neglectable with all those benefits !)

I know i should've done some research so shame is on me =(

but since i have short credit history (longest is 8 month) and low credit score (FICO 682), i figured that applying for CSP would be stupid idea...(my util is currently on 4%)

can anyone share their application experience with CSP so that i can figure out how long i should wait until before applying for CSP?

Thanks in advance !

Re: Question regarding Chase Sapphire preferred

Anonymous — Thu, 12 Dec 2013 20:09:52 GMT

!! oh my i also just found out that CSP is METAL CARD !! omg lol

Re: Question regarding Chase Sapphire preferred

Anonymous — Thu, 12 Dec 2013 20:10:20 GMT

I think you can call them back and ask for a product change.

I made the same mistake as you. It was later that I realized that CSP was better and I just called in and asked to change the card.

I am not sure about if you can do it when you just got the card.

Re: Question regarding Chase Sapphire preferred

Anonymous — Thu, 12 Dec 2013 20:11:03 GMT

@Anonymous wrote:
!! oh my i also just found out that CSP is METAL CARD !! omg lol

Yes and it is my best looking card.

Re: Question regarding Chase Sapphire preferred

Anonymous — Thu, 12 Dec 2013 20:18:43 GMT

I wouldn't call a score of 682 "low", lol. But it shouldn't matter. I heard the underwriting standard for the CS and the CSP are about the same so I'd give them a call and see if they can get you a CSP instead. Worst case scenario, they say no and you get a pretty solid card with no annual fee.

Re: Question regarding Chase Sapphire preferred

Stralem — Thu, 12 Dec 2013 20:19:26 GMT

@Anonymous wrote:
hi guys, i have quick questions regarding Chase Sapphire Preferred (CSP) card..

I was wondering how hard would it be to get CSP..

I spoke with a Chase credit analyst just this morning about what I'd need to do to qualify for the Sapphire line of cards. I'm planning to go overseas in a little over a year, and I'm trying to decided on whether to take a Sapphire or an Amex with me.

Anyway, she told me the underwriting is the same for both versions of the card. It just comes down to whether or not you're willing to pay an annual fee in exchange for better perks.

Re: Question regarding Chase Sapphire preferred

Transmogrifying_Bee — Thu, 12 Dec 2013 20:22:05 GMT

As mentioned above, the Sapphire card can be PC'd to the Sapphire Preferred version with little difficulty.

As to the original question, is it more difficult to get approved for the CSP version (vs the CS), my understanding is that BOTH Chase cards have about the same criteria for acceptance. Credit Karma statistics indicate, per their sampling, that 86% of the CSP cardholders have credit scores above 700 (55% above 750). For CS cardholders, 85% are above 700 (56% above 750). Virtually the same . . . !

Re: Question regarding Chase Sapphire preferred

Anonymous — Thu, 12 Dec 2013 20:25:28 GMT

Chase was very nice to me. They gave me $5k limit with my score of 660 when i apped 2 years ago with only 2 credit card on files with limit of $3000 secure card and $500 on the other.

Re: Question regarding Chase Sapphire preferred

monkeywre — Thu, 12 Dec 2013 20:26:03 GMT

I would suggest not converting. If you do a product change you will not get the 50k bonus offered by the CSP. Since the regular sapphire has no annual fee why not wait 6 months then apply for the CSP and get both sign-up bonuses. You can always call Chase re-consideration and offer to close your CS to get the CSP when you put that app in down the road.

Re: Question regarding Chase Sapphire preferred

Anonymous — Thu, 12 Dec 2013 20:30:25 GMT

+1. The outsize bonus and the waived 1st year AF is what makes the CSP risk-free to try. Unless you really need it now, not worth giving up the 50,000 points.

Re: Question regarding Chase Sapphire preferred

Anonymous — Thu, 12 Dec 2013 20:46:00 GMT

oh my so many comments in such short period of time !!

Thank you everyone.

So from what i understand, i could try to convert CS to CSP but doing so would lose bonus (40k points rite)

basically its better for me to wait 6 month and then take the opportunity to apply CSP WITH bounus
.

I shouln't apply for CSP right now since i JUST got my CS approved...

Thanks guys for good advices =)

Re: Question regarding Chase Sapphire preferred

Anonymous — Thu, 12 Dec 2013 20:49:04 GMT

thank you for your advice.

If i happen to do so, which number should i call? the backdoor number ?

Re: Question regarding Chase Sapphire preferred

monkeywre — Thu, 12 Dec 2013 20:59:45 GMT

CSP bonus is now 50k not 40k. and you can make it 55k if you add an authorized user. See: https://creditcards.chase.com/credit-cards/sapphire-preferred-card.aspx?%20CELL%20:%20=62RP&inkcashsplit=1&inkplussplit=1&sapphireprefsplit=4

Google chase credit card reconsideration for more info on getting approved after denial. I would suggest you wait 6mo before apping the CSP to avoid denial. You also need to wait that period of time to ensure that if you have to close the CS to get the CSP that Chase wont clawback your first bonus.

Re: Question regarding Chase Sapphire preferred

Anonymous — Thu, 12 Dec 2013 21:03:34 GMT

If the annual fee and/or spend is concerned, this still works:

https://applynow.chase.com/FlexAppWeb/renderApp.do?SPID=DZCB

40K bonus after spending $2k, rather than $3K.

Re: Question regarding Chase Sapphire preferred

Anonymous — Thu, 12 Dec 2013 21:11:23 GMT

somehow the link doesn't work =( but thanks anyway hehe

where do u find all those offers anyway?

Re: Question regarding Chase Sapphire preferred

Anonymous — Thu, 12 Dec 2013 21:19:51 GMT

Which doesn't work?

Re: Question regarding Chase Sapphire preferred

monkeywre — Thu, 12 Dec 2013 21:38:23 GMT

Both working here

Re: Question regarding Chase Sapphire preferred

Anonymous — Thu, 12 Dec 2013 21:49:42 GMT

@Anonymous wrote:
Which doesn't work?

oh it works lol